US Agrees to Cut Swiss Tariffs to 15% After Investment Pledge

The US and Switzerland reached a preliminary trade agreement to lower tariffs on many Swiss goods including watches from 39% to 15%, in a measure of relief for the country’s beleaguered exporters.

The pending deal brings respite to Switzerland, which was hit by the highest levy the Trump administration imposed on any developed country. US Trade Representative Jamieson Greer announced the deal earlier in a television interview.

Swiss officials had been engaged in intense diplomacy since the higher rate was announced in August, pushing to get a better deal. Bloomberg News reported on Monday that Switzerland and the US were ...